DrStool Posted December 10, 2020 Report Share Posted December 10, 2020 It took me by surprise, I must say, when I found out yesterday, oh yeah, I heard it through the grapevine, that the market hit a landmine. But the futures bounced and then made a higher low in the wee hours. Hourly indicators are on the buy side, and the 5 day cycle projection of 3655-60 was reached. So was that the bottom? Hard to say. At 6 AM in New York the ES futures were pushing against downtrend resistance at 3678, and there's more at 3685. If they clear those, then we should see a go at 3695-3700 over the following hours. Failing that, then we should go back to test the low of 3659.62. If they stay above that, then the low is probably in short term. But a weak bounce sould then suggest a weak right shoulder on the hourly chart, with a nice breakdown over the next couple of sessions. So let's see what today brings. Link to comment Share on other sites More sharing options...
DrStool Posted December 10, 2020 Author Report Share Posted December 10, 2020 They just hammered the rebound. Link to comment Share on other sites More sharing options...
DrStool Posted December 10, 2020 Author Report Share Posted December 10, 2020 There were 4,620 positive COVID tests in Croatia reported today. That's equivalent to 300,000 cases in the US. Link to comment Share on other sites More sharing options...
DrStool Posted December 10, 2020 Author Report Share Posted December 10, 2020 And we now have a nice downtrend channel on the hourly ES. Link to comment Share on other sites More sharing options...
DrStool Posted December 10, 2020 Author Report Share Posted December 10, 2020 Uptrend line from Nov 22 low, broken. Link to comment Share on other sites More sharing options...
DrStool Posted December 10, 2020 Author Report Share Posted December 10, 2020 Next target 3640ish. Link to comment Share on other sites More sharing options...
DrStool Posted December 10, 2020 Author Report Share Posted December 10, 2020 New 2-3 day cycle projection 3645 done. Link to comment Share on other sites More sharing options...
DrStool Posted December 10, 2020 Author Report Share Posted December 10, 2020 At this rate, the ES will be up around 380 points today. Link to comment Share on other sites More sharing options...
DrStool Posted December 10, 2020 Author Report Share Posted December 10, 2020 Top of channel is around 3670 however. Let's see what they do widdat. Link to comment Share on other sites More sharing options...
DrStool Posted December 10, 2020 Author Report Share Posted December 10, 2020 Nice megaphone pattern on the hourly. Problem with them is that they've been breaking out upside last few years. That's new. Link to comment Share on other sites More sharing options...
DrStool Posted December 10, 2020 Author Report Share Posted December 10, 2020 That was all panic short covering. Now let's see what the bulls got. Link to comment Share on other sites More sharing options...
DrStool Posted December 10, 2020 Author Report Share Posted December 10, 2020 Fumble. Pileup. Who has it? Link to comment Share on other sites More sharing options...
DrStool Posted December 10, 2020 Author Report Share Posted December 10, 2020 A second, less severe downtrend is holding. The number the bulls need to beat this half hour is 3675. Link to comment Share on other sites More sharing options...
DrStool Posted December 10, 2020 Author Report Share Posted December 10, 2020 And the bear market ends. Link to comment Share on other sites More sharing options...
DrStool Posted December 10, 2020 Author Report Share Posted December 10, 2020 It's alive? Link to comment Share on other sites More sharing options...
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